Guangdong Province reinforced its economic leadership as 76 local companies secured positions on the 2025 Fortune China 500 ranking released on July 22nd. The latest tally represents three more enterprises than in 2024 and six additional entries compared to 2023.
Demonstrating both quantitative and qualitative advancement, Guangdong-based firms collectively improved in the rankings. Twelve provincial companies now occupy spots in the elite top 100 – including industry titans Ping An Insurance, Huawei, Tencent, BYD, Midea Group, GAC Group, SF Express, Guangzhou Industrial Control, and Shenzhen Investment Holdings. This represents a net increase of one top-100 enterprise over the previous year.
Shenzhen-headquartered automobile company BYD delivered the most dramatic ascent, jumping 13 positions to 27th place following its recognition as 2024's global new energy vehicle (NEV) sales leader. With 4.272 million units sold, BYD surpassed Tesla and recently celebrated producing its 13 millionth new energy vehicle (NEV) – becoming the world's first automaker to reach this milestone.
BYD's automobiles waiting at port
NEV and related sectors spearheaded Guangdong's rise in the list:
- Guangzhou's XPeng Motors vaulted over 100 spots to the 351st position
- Battery manufacturers Sunwoda Electronic (ranked 299th) and EVE Energy (ranked 317th) both rose significantly
- Desay SV Automotive (474th), a leading automotive electronics provider, made it into the top 500 this year.
Geographically, Shenzhen (36 companies) and Guangzhou (21 companies) dominated the provincial representation, claiming nine of the top ten positions among Guangdong entrants. Foshan emerged as a standout performer with Midea Group ranking 63rd nationally while hosting a total of eight listed enterprises. Zhuhai and Huizhou each contributed four companies, with Jiangmen, Zhongshan, and Yunfu also represented – showcasing the province's balanced regional development.
Beyond scale, Guangdong firms displayed remarkable profitability. Six local companies – Mindray Medical, Tencent, China Merchants Bank, Zhuhai Wanda Commercial Management, GF Securities, and Haitian Flavouring – ranked among China's 40 most profitable enterprises. Mindray Medical led provincial peers with a 31.8% net margin, while Zhuhai Wanda Commercial Management achieved the nation's highest ROE at over 64%.
The sector distribution highlights Guangdong's industrial transformation, with listed firms concentrated in electronics, communications, internet technology, biopharmaceuticals, home appliances, and automobiles. This aligns with the province's strategic focus on upgrading traditional industries while cultivating emerging sectors.
Notably, the Fortune China 500 cohort achieved collective revenues equivalent to approximately 75% of China's 2024 GDP ($18.75 trillion), with total earnings reaching $14.2 trillion and net profits growing 7% to $756.4 billion.
The strong showing validates Guangdong's "manufacturing-first" economic strategy. Provincial data from H1 2025 confirms this trajectory, with advanced manufacturing and high-tech manufacturing value-added output growing 5.0% and 6.0% respectively, accounting for 55.4% and 33.0% of total industrial output.
Reporter | Huang Xinyi
Photo | Nanfang Plus
Editor | Hu Nan, James, Shen He
